CBDT Halts Assessment & Recovery u/s 115JB of FIIs & FPIs Cases Immediately

The government has acted fast , maybe , to bolster the falling stock market and prop the sentiment among the Financial Institutional Investors (FIIs) and Foreign Portfolio Investors(FPI) to accept the recommendation of Shah Committee formed for consideration of MAT application on these foreign investors. Now , after the Finance Ministry's press briefing that the recommendation may be incorporated in the Income Tax Act itself . Now CBDT has issued Instruction No 9/2015 that the current scrutiny or cases of FIIs and FPIs having no Permanent Establishment in India wherein the issue of MAT is involved should be immediately be suspended and no recovery should also be carried out .

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